Key Takeaways:
- Bitcoin breaks through the $30K resistance level, seeing a 20% spike in the past week.
- DOGE, SOL, and MATIC join the rally with significant increases in trading volume and price.
- Spot BTC ETF applications and positive comments on crypto regulation by Jerome Powell contribute to the surge in investor confidence.
As we quoted in the past few days, the prediction for Bitcoin came true. The cryptocurrency has fiercely smashed through the $30,000 barrier, marking a monumental rise of about 20% over the past week. At the time of writing, BTC’s moving averages remain neutral, the Relative Strength Index (RSI) stands at 68.55, and the Moving Average Convergence Divergence (MACD) is at 33,518.53, both indices waving the bullish flag. The digital gold has seen a trading volume of $31.158 billion in the last 24 hours.
This bullish charge comes after weeks of Bitcoin enduring a bearish assault. The tide turned over the past couple of days, thanks to growing investor confidence that seems to be fueling this rally. One of the significant catalysts for this newfound confidence is the submission of spot BTC ETF applications by heavyweight asset management firms like BlackRock.
Moreover, Federal Reserve Chair Jerome Powell’s recent remarks on crypto legislation have added fuel to the fire. In his statement, Powell hinted at a more accommodative stance towards cryptocurrencies, emphasizing the importance of innovation and careful regulation. This apparent thawing in the official stance has got the market buzzing.
Now, let’s shift our focus to the altcoin battalion. As of the time of writing, Dogecoin (DOGE) is loud at $0.06788, while Solana (SOL) and Polygon (MATIC) are not too far behind with prices at $17.23 and $0.6902 respectively (Source). Notably, MATIC’s volume is up by 22.13%, DOGE has skyrocketed by 72.60%, and Solana is up by 6.63%.
Bitcoin’s resurgence often acts as a confidence booster for the broader crypto market. As the flagship cryptocurrency, BTC’s movements have a domino effect on altcoins. When Bitcoin thrives, it’s often viewed as a validation of the cryptocurrency space as a whole.
This, in turn, prompts investors to venture into altcoins like Dogecoin, Solana, and MATIC, which are regarded as having high-return potentials, further propelling their prices.
Sources:
https://www.tradingview.com/x/YNwmFkpk/
https://www.tradingview.com/x/USpcjao8/
